The Multi-Billion Lesson That Will Do Bitcoin Business.
The fall of the crypto king
Go to this article gathering all the crispy details of the FTX scandal: Who is Sam Bankman-Fried really?
The lesson to be learned is this: it is only a matter of time before all the pre-mined shitcoins falter and finally disappear into the crYpto graveyard.
The shock waves of the explosion of the “pre-mined” shitcoin LUNA have not finished spreading. The trust placed in a myriad of shitcoins created ex nihilo continues to erode.
The alarm clock is hard for those who discover that none of the scams promoted by imposters/influencers hold water against bitcoin and its 10 Gigawatts of encrypted energy.
XRP is a wanna-be banker scam. Doge is a scam (bitcoin fork). Cardano is a scam created by one of the founders of the mother of all scams, ethereum (70% pre-mined). As well as Solana and all the pastiches of bitcoin put forward by profiteers with big smiles.
Enjoy the humiliation of Vitalik, the prince of shitcoins, during the just-concluded Labitconf in Argentina:
Sam Bankman-Fried is a Bitcoin hater who was quick to once famously declare that he doesn’t see bitcoin becoming a means of payment.
Not content with pretending to ignore the Lightning Network, he even went astray by letting go that the speed of BTC transactions was proportional to the amount of energy used by miners.
The Californian then knowingly endorsed the propaganda of the World Economic Forum. The WEF which has just withdrawn theexchange FTX from his site. The rats leave the ship.
But in the end, we have Sam to thank. The bankruptcy of FTX is a high-cost advertisement for bitcoin. Thanks to him, millions of souls led astray by impostures (influencers) return to the fold.
We can see this via the staggering number of bitcoins currently escaping to wallets private. The following chart shows that 72,000 BTC left the exchanges in just one week. Such withdrawals have only happened three times in the past: April-2020, November-2020 and July 2022.
Revenge is called Bitcoin
With crYpto filth bursting into the open, even Elon Musk, he who shamelessly penned his fans with the dogecoin scam, went there with his little confession: “BTC will get there, but the winter could be long.”
Even funnier, JP Morgan remember that “all recent collapses of the crypto ecosystem have been caused by centralized players and not by decentralized protocols” (like Bitcoin).
Edward Snowden for his part suggested that we have finally hit the bottom :
You have to say things as they are. The crYpto is essentially an imitation of the fiat system coupled with an absence of regulation.
The savvy maximalist knows well that one should not expect much from regulation. The latter is usually tailor-made for those who put enough money in the pockets of politicians.
In this capacity, Sam Bankman-Fried has distributed more than $40 million to a myriad of Democratic-affiliated political organizations. This scammer wanted to pass a regulation in favor of his livelihood: shitcoins.
There is no doubt that the US Congress will take advantage of the FTX scandal to tighten the screws. We will know soon enough if FTX was a Trojan horse whose sacrifice was aimed at deploying murderous regulations vis-à-vis Bitcoin.
Probably not. The disgrace of Sam Bankman-Fried is excellent news. It’s a safe bet that it’s more the shitcoins that have to worry.
As SEC Chairman Garry Gensler has said, the vast majority of tokens in circulation are unregistered securities trading on unregulated exchanges. FTX is what the SEC needed to signal the end of the carnival.
We can no longer let criminals create counterfeit money. Especially when it serves to loot people and waste their money lobbying against the virtues of the Bitcoin industry and Proof of Work.
These painful events will ultimately allow Bitcoin to establish its dominance over the coming weeks. Hodl!
Receive a digest of news in the world of cryptocurrencies by subscribing to our new service of daily and weekly so you don’t miss any of the essential Tremplin.io!
